Supply and Demand Quiz Review

What does the removal of some government controls over a business refer to?

• Equilibrium

• Disequilibrium

• Regulation

• Deregulation

At which point do the supply and demand curves meet?

• Equilibrium

• Disequilibrium

• Regulation

• Deregulation

What is the government's role in business that affects production?

• Equilibrium

• Disequilibrium

• Regulation

• Deregulation

What term describes a price or quantity that does not meet equilibrium; supply and demand do not meet?

• Equilibrium

• Disequilibrium

• Regulation

• Deregulation

What method is typically used for resource allocation in a market system?

• Lottery

• First Come, First Served

• Price

• Authority

What is a minimum price at which a product can be sold called?

What is a maximum price at which a product can be sold called?

Which quantity represents equilibrium on the graph?

• Q3

• Q1

• Q2

• Q0

Points B and A on the graph represent what?

• Price floor

• Price ceiling

• Deregulation

• Demand Schedule

What do points B and A represent in terms of market conditions?

• Shortage

• Market Structure

• Surplus

• Zero Quantity